The global wireless logging services market growth is likely to be fuelled by increasing efforts to combine efficient production techniques to boost output, as well as the availability of mature and ancient wells in diverse regions.
It’s being expected that by 2028, the Wireless Logging Services market cap will hit $20.3 billion at a CAGR growth of about 11.4%.
Covid-19 Impact & Market Status
The COVID-19 epidemic wreaked havoc on the oilfield services business, which includes wireless logging. Due to a lack of manpower, the enterprises had to deal with supply-chain interruptions in supplying services or producing products. For example, Halliburton, the oilfield services major, has battled to create a local supplier base in nearly every nation where it operates, and has worked closely with freight forwarders to avoid supply chain disruptions.
Open Hole Segment Accounted For Highest Market Share
On the basis of Hole Type the global wireless logging services market is classified into open hole and close hole. Open hole segment accounted for highest market share of global wireless logging services market. The term "open hole logging" refers to logging done before the wellbore has been cased. Logging is done via the downhole formation's exposed rock sides in this kind. Because there is no hindrance during the measurements, open hole logging is the most extensively employed approach on a worldwide scale. Because it is the most advanced logging technology, it is projected to maintain its market share in the near future, as many nations continue to look for new oil and gas resources to increase output.
Middle East Is Predicted To Grow In The Next Years
The upstream oil and gas business in the Middle East is predicted to grow in the next years in global wireless logging services market. This upward trend is predicted to continue, according to Rystad Energy, a key industry participant, who believes that offshore exploration spending would grow five-fold by 2025. The gas fields are estimated to generate 1.5 million cubic feet of sour gas per day, as well as extra condensate. The project is currently in development, with a production start date of 2025. The Iraqi Oil Ministry struck a deal with Chevron Corporation in 2020 to develop oil and gas reserves in Dhi Qar, Iraq's southern region. Chevron and the Iranian National Oil Company (NOC) and state-owned Dhi Qar Oil Company have restarted discussions to develop exploration blocks in the Nasiriyah oilfield, and the businesses have agreed on all technical and economic agreements. The investigation is now underway.
The newest and most modern open hole and closed hole wireless logging services are in high demand throughout Asia-Pacific and Africa. As a result, these areas are predicted to develop the faster in the next five years.
Rising crude oil prices are expected to result in increased income and investment for E&P businesses, as well as additional contracts for oilfield services providers. This is likely to propel the global wireless logging services market.
During the projected period, the global wireless logging services market is estimated to develop at a CAGR of 3.5 percent and reach close to USD 53,200 million by 2029.
The rise in exploration and production operations in the oil and gas sector, as well as growing investments in offshore petroleum production activities in several nations, are driving the wireless logging services market.
As a result, these companies are primarily focused on using new technologies like EOR to improve recovery and extend the life of ageing fields. Thermal EOR is used to boost heavy oil production, which helps the market develop.
Increased focus on the operational performance of oilfield equipment and lower capital expenditures have aided the adoption of smart digital devices, services, and solutions. Oilfield service businesses are using current wireless cabling technology to lower and raise any type of instrument or equipment into and out of the wellbore. Wireless services are widely used to improve the operational performance of oil wells and are expected to fuel Global Wireless Logging Services Market expansion during the projection period. Intervention, pipe recovery, well completion, and reservoir assessment are some of the key tasks provided by wireless services, which are widely used to improve the operational performance of oil wells and are expected to fuel Global Wireless Logging Services Market expansion during the projection period.
The worldwide energy shift to renewables, notably solar and wind, is expected to impact the oil and gas upstream industry, as well as lower demand for oilfield services. This is likely to impede the global wireless logging market. Furthermore, technological advancements, 4G and 5G intervention, increased use of mobile devices, emergence of wireless networks and more are key factors likely to be a growth opportunity to the global wireless logging services market.
The key players in global wireless logging services market are Archer, Basic Energy Services, Casedhole Solutions, Pioneer Energy Services, Expro International Group Holdings, Baker Hughes Company, Weatherford, China Oilfield Services, Halliburton, Schlumberger, Brocade Communication Systems, Fortinet, ADT, Motorola, Honeywell, and Cisco among others.
Latest Innovations in the Global Wireless Logging Services Market: A Snapshot
- Baker Hughes, Schlumberger, and Halliburton were awarded the oil field services contract by Equinor, the operator of the Bacalhau offshore field, in November 2020. The USD 455 million deal is for drilling and well services at a field located off the coast of Brazil.
Wireless Logging Services Market Scope
|Revenue forecast in 2028
|USD 53,200 million
|CAGR of 3.5 % during 2021-2028
|Wireless, Hole Type, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Archer, Basic Energy Services, Casedhole Solutions, Pioneer Energy Services, Expro International Group Holdings, Baker Hughes Company, Weatherford, China Oilfield Services, Halliburton, Schlumberger, Brocade Communication Systems, Fortinet, ADT, Motorola, Honeywell, and Cisco among others.
Key Segments of the Global Wireless Logging Services Market
Wireless Overview, 2019-2029 (USD Million)
- Electric Line
- Stick Line
Hole Type Overview, 2019-2029 (USD Million)
Regional Overview, 2019-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa